Latest Business News in Iran – News and reports about all things to do with commerce, trade, banking and industry in Iran and the world. Covering ongoing developments, market news, contracts, joint ventures, trade delegations, chambers of commerce, manufacturing, labour news and resource management.
Iran says it will launch a plan to develop the Arash natural gas field shared with Kuwait and Saudi Arabia in the near future, after the pair agreed to begin development activities in the offshore reservoir without Tehran.
Iran’s Oil Minister Javad Owji says the country’s crude production capacity has reached more than 3.8 million barrels per day (bpd), equaling the levels that existed prior to the imposition of tough American sanctions on the country’s energy industry.
The construction of the second phase of a major natural gas storage facility and three projects as part of the “Sulphur Park” in the eastern Iranian city of Sarakhs has been launched in a ceremony with the presence of President Ebrahim Raisi.
An official at Iran’s Abadan Refinery says the first phase of a “development and stabilization” plan at the facility in southern Iran will be completed in the first half of the current Iranian calendar year.
The head of Iran’s Customs Organization has said Iran’s non-oil trade with foreign countries hit a record of 162 million tons ($100 billion) in the Persian year 1400. Alireza Moghaddasi said the figure represented a 38 percent increase compared to the year 1399.
Iran’s foreign ministry spokesman has called a newly declared agreement between Saudi Arabia and Kuwait over the exploitation of the Arash gas field illegal, saying: Tehran reserves the right to exploit the field in the Persian Gulf.
Iran’s Oil Minister Javad Oji says the country needs a $200bn investment in the upstream and downstream and petrochemical industries, the bulk of which has been raised under 50 contracts.
The National Iranian Oil Company (NIOC) says the second oil field in the country’s southwestern Fars Province has officially gone on stream, with an initial production capacity of 9,000 barrels of crude per day.
Iran exported upwards of 6.4 million tonnes of steel and steel products in the eleven months to late February 2022, registering a 9%-rise year on year.
Iran established a clandestine banking and finance system to handle tens of billions of dollars in annual trade banned under US-led sanctions, according to Western diplomats, intelligence officials and documents. 'It enabled Tehran to endure the economic siege، giving it leverage in multilateral nuclear negotiations'.
The CEO of the National Iranian Oil Company says the first refinery row of the phase 14 of the South Pars gas project in the Persian Gulf has become operational.
Iranian automaker Iran Khodro Company (IKCO) has unveiled its first electric bus, the most powerful vehicle of its type to have been developed domestically.
